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NISM Series V-D · Chapter 9: Investor Services

निवेशक सेवाएँ · NISM-Series-V-D: Mutual Fund – Specialized Investment Fund (SIF) Distributors Certification Examination

10% weightage · ~15 questions 150 questions · 180 minutes · 60% to pass · −0.10 per wrong answer 35 practice questions in our bank

What this chapter covers

The heaviest chapter: everything that happens between investor and fund — KYC and onboarding, the application form and its fields, payment modes, SIP/STP/SWP, nomination, joint holding, statements and CAS, transactions through exchanges and online platforms, and transmission on death.

KYC, आवेदन, भुगतान के तरीक़े, SIP/STP/SWP, नामांकन, संयुक्त धारक, स्टेटमेंट, ट्रांसमिशन।

What to master before the exam

Exam tip: Fifteen marks. It is wide, not deep — a hundred small facts. The mock's chapter practice for this chapter is the best single hour you can spend before the exam.

Sample questions from this chapter

Five of the 35 questions in our free bank. Open the answer to see the explanation — every question in the mock test has one, in English and Hindi.

Question 1
What is the NAV of a scheme called after the dividend has been paid out (it drops to the extent of the dividend)?
लाभांश भुगतान के बाद योजना की NAV को क्या कहते हैं (यह लाभांश जितनी घट जाती है)?
  1. Ex-dividend NAVएक्स-डिविडेंड NAV
  2. Cum-dividend NAVकम-डिविडेंड NAV
  3. Lower NAVलोअर NAV
  4. Dividend NAVडिविडेंड NAV
Show answer & explanation
Answer: A — Ex-dividend NAV
After a dividend payout the NAV falls by the dividend amount; the reduced NAV is called the ex-dividend NAV.
लाभांश भुगतान के बाद NAV लाभांश राशि जितनी घटती है; घटी हुई NAV को एक्स-डिविडेंड NAV कहते हैं।
Question 2
At what price are bonus units issued to a unitholder?
यूनिटधारक को बोनस यूनिट किस मूल्य पर जारी होती हैं?
  1. A price decided by the AMC with trusteesAMC द्वारा ट्रस्टियों के साथ तय मूल्य पर
  2. Free of costनि:शुल्क
  3. At the prevailing NAVप्रचलित NAV पर
  4. At NAV ÷ bonus ratioNAV ÷ बोनस अनुपात पर
Show answer & explanation
Answer: B — Free of cost
Bonus units are allotted free of cost; they increase the unit count but the NAV falls proportionately, so total value is unchanged.
बोनस यूनिट नि:शुल्क आवंटित होती हैं; यूनिट संख्या बढ़ती है पर NAV उसी अनुपात में घटती है, इसलिए कुल मूल्य अपरिवर्तित रहता है।
Question 3
A scheme pays a dividend of ₹2 per unit on 100 units; the ex-dividend NAV is ₹20. Under the reinvestment (IDCW) option, how many units are added?
कोई योजना 100 यूनिट पर ₹2 प्रति यूनिट लाभांश देती है; एक्स-डिविडेंड NAV ₹20 है। पुनर्निवेश (IDCW) विकल्प में कितनी यूनिट जुड़ेंगी?
  1. 10 units10 यूनिट
  2. 5 units5 यूनिट
  3. 100 units100 यूनिट
  4. 2 units2 यूनिट
Show answer & explanation
Answer: A — 10 units
Dividend = ₹2 × 100 = ₹200, reinvested at the ex-dividend NAV of ₹20 ⇒ 200 ÷ 20 = 10 new units.
लाभांश = ₹2 × 100 = ₹200, एक्स-डिविडेंड NAV ₹20 पर पुनर्निवेशित ⇒ 200 ÷ 20 = 10 नई यूनिट।
Question 4
The Growth, IDCW-Payout and IDCW-Reinvestment options of a scheme differ in cash flows and taxability but share:
किसी योजना के ग्रोथ, IDCW-पेआउट और IDCW-पुनर्निवेश विकल्प नकदी-प्रवाह व कर-योग्यता में भिन्न हैं पर किसमें समान हैं?
  1. The same underlying portfolio and hence the same portfolio returnsसमान अंतर्निहित पोर्टफोलियो और इसलिए समान पोर्टफोलियो प्रतिफल
  2. The same number of units alwaysहमेशा समान यूनिट संख्या
  3. The same post-tax returnसमान कर-पश्चात प्रतिफल
  4. A guaranteed returnगारंटीड प्रतिफल
Show answer & explanation
Answer: A — The same underlying portfolio and hence the same portfolio returns
All three options run on the same portfolio, so portfolio returns are identical; they differ in cash flows, units held and taxability, hence post-tax returns differ.
तीनों विकल्प एक ही पोर्टफोलियो पर चलते हैं, इसलिए पोर्टफोलियो प्रतिफल समान होता है; ये नकदी-प्रवाह, धारित यूनिट व कर-योग्यता में भिन्न होते हैं, इसलिए कर-पश्चात प्रतिफल अलग होता है।
Question 5
For a resident individual investor, how many bank accounts can be registered with a mutual fund folio (maximum)?
निवासी व्यक्तिगत निवेशक के लिए, म्यूचुअल फंड फोलियो में अधिकतम कितने बैंक खाते पंजीकृत किए जा सकते हैं?
  1. 11
  2. 22
  3. 55
  4. Unlimitedअसीमित
Show answer & explanation
Answer: C — 5
A resident individual investor can register up to 5 bank accounts with a mutual fund folio.
निवासी व्यक्तिगत निवेशक म्यूचुअल फंड फोलियो में अधिकतम 5 बैंक खाते पंजीकृत कर सकता है।
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All V-D chapters

1. Investment Landscape · 5%2. Concept and Role of a Mutual Fund · 4%3. Legal Structure of Mutual Funds in India · 3%4. Legal and Regulatory Framework · 7%5. Scheme Related Information · 7%6. Fund Distribution and Channel Management · 4%7. NAV, Total Expense Ratio and Pricing of Units · 5%8. Taxation · 3%9. Investor Services · 10%10. Risk, Return and Performance of Funds · 5%11. Mutual Fund Scheme Performance · 5%12. Mutual Fund Scheme Selection · 10%13. Basics of Derivatives · 10%14. Understanding the Index · 5%15. Introduction to Forwards and Futures · 15%16. Introduction to Options · 13%17. Strategies using Equity Futures and Options · 9%18. Interest Rate, Instruments and Fixed Income · 6%19. Interest Rate Derivatives · 2%20. Exchange Traded Interest Rate Futures · 10%21. Exchange Traded Interest Rate Options · 6%22. Strategies using Interest Rate Derivatives · 6%
← Chapter 8: Taxation Chapter 10: Risk, Return and Performance of Funds →

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